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EXHIBIT 1 <br />7-III.F. ASSETS AND INCOME FROM ASSETS <br />Net Family Assets [24 CFR 5.6031 <br />At admission and reexam, for families with net assets less than or equal to the HUD -published <br />threshold listed in HUD's current year Inflation -Adjusted Values tables ($50,000 for 2024, <br />$51,600 for 2025), the PHA may, but is not required to, accept the family's self -certification that <br />the family's assets do not exceed the HUD -published threshold without taking any additional <br />steps to verify the accuracy of the declaration. The declaration must include the amount of <br />income the family expects to receive from assets which must be included in the family's income. <br />This includes declaring income from checking and savings accounts which, although excluded <br />from the calculation of net family assets (because the combined value of non -necessary personal <br />property does not exceed the HUD -published threshold), may generate asset income. PHAs must <br />clarify during the self -certification process which assets are included/excluded from net family <br />assets. <br />For PHAs that choose to accept self -certification, the PHA is required to obtain third -party <br />verification of all assets, regardless of the amount, at least once every three years. <br />PHAs who choose not to accept self -certifications of assets must verify all families' assets on an <br />annual basis. <br />When net family assets have a total value over the HUD -published threshold, the PHA may not <br />rely on the family's self -certification. Third -party verification of assets is required when net <br />family assets exceed the HUD -published threshold. <br />When verification of assets is required, PHAs are required to obtain a minimum of one statement <br />that reflects the current balance of banking/financial accounts. <br />SAHA Policv <br />SAHA will obtain third -party verification of assets regardless of the amount. <br />025 <br />City Council — 405 5 2 25 <br />